How the Mortgage Loan Process Works

No doubt, a lot to do in oder to get a mortgage loan. You would not be looking up loan information if it were possible to get a loan in a single day by filling out a simple application. But Hill Valley Financial Services Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four important steps involved in obtaining a loan.

Step one: Decide how much you can afford

A couple of factors determine this amount. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? You can get a good idea of your preferred payment abount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.

Step two: pre-qualify for your loan

This is where the process really begins and Hill Valley Financial Services Inc. can really save you money. You will provide info about your employment, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we have reviewed all this information we will give you a pre-qualification letter. Your REALTOR® will use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for a new house with your real estate agent, we find the best program for you.

Step three: apply for your loan

Once you have signed the offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our website. After the seller has accepted your offer and you have applied for your loan, we will order a professional appraisal on the home.

Step four: funding

Your REALTOR® and the seller's will coordinate to find an escrow/title company to handle the funding of your loan. We'll work with this company to make sure the papers your lender will require are in order, and you'll probably}likely sign everything at their officeWe coordinate with this company on your closing date. Because you don't have to worry about these details, you get to think about the move, if you're going to repaint, carpet, and all the details of moving into your new house.

You've answered some few questions, provided lots of information, applied , and before you know it, you're moving in! Hill Valley Financial Services Inc. is in the business of mortgage loans; you're not — so we do the work. Doesn't that make sense?

Have questions about the loan process? Call Hill Valley Financial Services Inc. at 503-657-3311. We answer questions about the loan process every day.